vs
CASELLA WASTE SYSTEMS INC（CWST）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是CASELLA WASTE SYSTEMS INC的1.1倍（$614.5M vs $557.2M），CASELLA WASTE SYSTEMS INC净利率更高（-1.0% vs -2.0%，领先1.0%），Cloudflare, Inc.同比增速更快（33.6% vs 9.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $30.7M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 21.5%）
Casella Waste Systems Inc.是总部位于美国佛蒙特州拉特兰的废弃物管理企业，1975年创立时仅靠一辆卡车起步，现为区域型垂直一体化固体废物服务提供商，面向住宅、商业、市政及工业客户提供固废收集处置、中转、回收、有机废弃物处理等专业资源管理服务。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
CWST vs NET — 直观对比
营收规模更大
NET
是对方的1.1倍
$557.2M
营收增速更快
NET
高出24.0%
9.6%
净利率更高
CWST
高出1.0%
-2.0%
自由现金流更多
NET
多$74.6M
$30.7M
两年增速更快
NET
近两年复合增速
21.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $557.2M | $614.5M |
| 净利润 | $-5.5M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 0.9% | -8.0% |
| 净利率 | -1.0% | -2.0% |
| 营收同比 | 9.6% | 33.6% |
| 净利润同比 | -15.2% | 6.0% |
| 每股收益（稀释后） | $-0.09 | $-0.03 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CWSTNET
| Q1 26 | $557.2M | — | ||
| Q4 25 | $469.1M | $614.5M | ||
| Q3 25 | $485.4M | $562.0M | ||
| Q2 25 | $465.3M | $512.3M | ||
| Q1 25 | $417.1M | $479.1M | ||
| Q4 24 | $427.5M | $459.9M | ||
| Q3 24 | $411.6M | $430.1M | ||
| Q2 24 | $377.2M | $401.0M |
净利润CWSTNET
| Q1 26 | $-5.5M | — | ||
| Q4 25 | $-2.5M | $-12.1M | ||
| Q3 25 | $10.0M | $-1.3M | ||
| Q2 25 | $5.2M | $-50.4M | ||
| Q1 25 | $-4.8M | $-38.5M | ||
| Q4 24 | $4.9M | $-12.8M | ||
| Q3 24 | $5.8M | $-15.3M | ||
| Q2 24 | $7.0M | $-15.1M |
毛利率CWSTNET
| Q1 26 | — | — | ||
| Q4 25 | 33.3% | 73.6% | ||
| Q3 25 | 35.0% | 74.0% | ||
| Q2 25 | 33.8% | 74.9% | ||
| Q1 25 | 32.8% | 75.9% | ||
| Q4 24 | 33.2% | 76.4% | ||
| Q3 24 | 35.1% | 77.7% | ||
| Q2 24 | 35.4% | 77.8% |
营业利润率CWSTNET
| Q1 26 | 0.9% | — | ||
| Q4 25 | 2.5% | -8.0% | ||
| Q3 25 | 6.1% | -6.7% | ||
| Q2 25 | 4.1% | -13.1% | ||
| Q1 25 | 0.8% | -11.1% | ||
| Q4 24 | 4.3% | -7.5% | ||
| Q3 24 | 5.9% | -7.2% | ||
| Q2 24 | 6.1% | -8.7% |
净利率CWSTNET
| Q1 26 | -1.0% | — | ||
| Q4 25 | -0.5% | -2.0% | ||
| Q3 25 | 2.1% | -0.2% | ||
| Q2 25 | 1.1% | -9.8% | ||
| Q1 25 | -1.2% | -8.0% | ||
| Q4 24 | 1.1% | -2.8% | ||
| Q3 24 | 1.4% | -3.6% | ||
| Q2 24 | 1.9% | -3.8% |
每股收益（稀释后）CWSTNET
| Q1 26 | $-0.09 | — | ||
| Q4 25 | $-0.04 | $-0.03 | ||
| Q3 25 | $0.16 | $0.00 | ||
| Q2 25 | $0.08 | $-0.15 | ||
| Q1 25 | $-0.08 | $-0.11 | ||
| Q4 24 | $0.08 | $-0.05 | ||
| Q3 24 | $0.10 | $-0.04 | ||
| Q2 24 | $0.12 | $-0.04 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $126.9M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.6B | $1.5B |
| 总资产 | $3.3B | $6.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CWSTNET
| Q1 26 | $126.9M | — | ||
| Q4 25 | $123.8M | $943.5M | ||
| Q3 25 | $192.7M | $1.1B | ||
| Q2 25 | $217.8M | $1.5B | ||
| Q1 25 | $267.7M | $204.5M | ||
| Q4 24 | $358.3M | $147.7M | ||
| Q3 24 | $519.0M | $182.9M | ||
| Q2 24 | $208.5M | $157.0M |
总债务CWSTNET
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $976.6M | — |
股东权益CWSTNET
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.6B | $1.3B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.5B | $973.1M | ||
| Q2 24 | $1.0B | $881.5M |
总资产CWSTNET
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.3B | $6.0B | ||
| Q3 25 | $3.3B | $5.8B | ||
| Q2 25 | $3.3B | $5.6B | ||
| Q1 25 | $3.2B | $3.7B | ||
| Q4 24 | $3.2B | $3.3B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $2.5B | $2.9B |
负债/权益比CWSTNET
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.94× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $62.3M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $30.7M | $105.2M |
| 自由现金流率自由现金流/营收 | 5.5% | 17.1% |
| 资本支出强度资本支出/营收 | 9.0% | 13.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $120.7M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CWSTNET
| Q1 26 | $62.3M | — | ||
| Q4 25 | $96.6M | $190.4M | ||
| Q3 25 | $93.6M | $167.1M | ||
| Q2 25 | $89.5M | $99.8M | ||
| Q1 25 | $50.1M | $145.8M | ||
| Q4 24 | $109.8M | $127.3M | ||
| Q3 24 | $91.8M | $104.7M | ||
| Q2 24 | $72.1M | $74.8M |
自由现金流CWSTNET
| Q1 26 | $30.7M | — | ||
| Q4 25 | $39.3M | $105.2M | ||
| Q3 25 | $27.6M | $82.5M | ||
| Q2 25 | $23.1M | $39.9M | ||
| Q1 25 | $-5.4M | $59.9M | ||
| Q4 24 | $32.9M | $54.2M | ||
| Q3 24 | $40.4M | $54.5M | ||
| Q2 24 | $27.5M | $45.2M |
自由现金流率CWSTNET
| Q1 26 | 5.5% | — | ||
| Q4 25 | 8.4% | 17.1% | ||
| Q3 25 | 5.7% | 14.7% | ||
| Q2 25 | 5.0% | 7.8% | ||
| Q1 25 | -1.3% | 12.5% | ||
| Q4 24 | 7.7% | 11.8% | ||
| Q3 24 | 9.8% | 12.7% | ||
| Q2 24 | 7.3% | 11.3% |
资本支出强度CWSTNET
| Q1 26 | 9.0% | — | ||
| Q4 25 | 12.2% | 13.9% | ||
| Q3 25 | 13.6% | 15.1% | ||
| Q2 25 | 14.3% | 11.7% | ||
| Q1 25 | 13.3% | 17.9% | ||
| Q4 24 | 18.0% | 15.9% | ||
| Q3 24 | 12.5% | 11.7% | ||
| Q2 24 | 11.8% | 7.4% |
现金转化率CWSTNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 9.37× | — | ||
| Q2 25 | 17.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 22.51× | — | ||
| Q3 24 | 15.91× | — | ||
| Q2 24 | 10.29× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CWST
| Collection | $334.8M | 60% |
| Transfer station | $65.9M | 12% |
| Processing (ii) | $49.0M | 9% |
| Landfill | $48.0M | 9% |
| National Accounts (ii) | $45.6M | 8% |
| Transportation | $8.2M | 1% |
| Landfill gas-to-energy | $2.9M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
